Turning smartphones into wallets has been a goal for a long time, but realizing that goal has been delayed by three factors. The first is the complexity of getting payment credentials into phones in a usable way. The second is keeping those credentials safe. The third is the difficulty of enabling a broad range of merchants to accept mobile credentials. The first two issues have been resolved for the iPhone 5 and 6 from Apple, and while a much more complex value chain has delayed equal progress for Android-based devices, payment solutions have been announced. This white paper identifies how the Android-based complexities may impact issuers, indicates payment gaps that are left unresolved by the current global payment networks’ tokenization implementation, and describes steps issuers can take to address these gaps.